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Shilling remains steady

05 September 2013, 14:10

Nairobi - The shilling was steady on Thursday, unlike other emerging currencies such as the Indian rupee, and stocks which have been  vulnerable to an eventual pullback on the Fed's stimulus programme.

"If they do it (ease QE), the shilling might come under pressure," said Julius Kiriinya, a trader at African Banking Corporation.

The shilling was posted at 87.45/55 per dollar at 0902 GMT, barely changed from Wednesday's close of 87.40/60.

The weighted average yield on Kenya's 182-day Treasury bills dipped for the first time in ten weeks on Wednesday, which traders said was due to excess liquidity in the money market.

"So far (yields) are still high so they are still getting good inflows," Kiriinya said, adding that liquidity had increased in the market due to debt maturities.

The central bank on Thursday said it was in the repo market to absorb excess liquidity worth 5 billion shillings, the first time it has done so since July 26.

- Reuters


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